    [Public Papers of the Presidents of the United States: George W. Bush (2004, Book III)]
    [December 9, 2004]
    [Pages 3063-3065]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With Social Security Trustees and an
    Exchange With Reporters
    December 9, 2004

        The President. It's been my honor to welcome the Social Security
    trustees here to the Oval Office. We had a good discussion about the
    problems that face the Social Security system, and there is a
    recognition among the experts that we have a problem. And the problem is
    America is getting older and that there are fewer people to pay into the
    system to support a baby boomer generation which is about to retire.

        Therefore, the question is, does this country have the will to
    address the problem? I think it must. I think we have a responsibility
    to solve problems before they become acute. And therefore, I want to
    thank the trustees for their understanding and their work. I want to
    thank them for their recognition that this country must deal with this
    issue now. I look forward to working with the Members of Congress to do
    just that.

        I had a meeting earlier on this week with Members of the United
    States House and Senate to discuss the importance of the Social Security
    issue. I fully recognize it's going to require a bipartisan effort to
    address this issue. I have articulated principles in the course of my
    campaign that I think are important. And it's very important for our--
    those who have retired to recognize that nothing is going to change when
    it comes to Social Security. And it's very important for those who are
    near retirement to understand nothing will change.
        But for the sake of our younger workers, for the sake of younger
    Americans, we must be willing to address this problem. And I think it's
    vital to consider allowing younger workers, on a voluntary basis, to set
    aside some of their own payroll tax in personal accounts as part of a
    comprehensive solution to dealing with the Social Security issue.
        So I want to thank the trustees for their hard work. I want to thank
    you for your understanding of the issue. And I appreciate your
    willingness to go out and help explain to the American people that the
    time is now, the time is ready for us to solve this problem.
        I'll answer two questions. Scott [Scott Lindlaw, Associated Press].

    [[Page 3064]]

    Equipment for U.S. Troops

        Q. Thanks, Mr. President. Secretary Rumsfeld heard some complaints
    from soldiers yesterday who said, among other things, they've got
    inadequate armor as they head into Iraq. Do you know how widespread this
    problem is, and what are we doing about it?
        The President. First, I appreciate the fact that the
    Secretary went and visited our troops and
    took questions from the troops. I had the honor of visiting with our
    troops at Camp Pendleton on Tuesday. It's such an uplifting experience
    to be able to speak directly to the troops. And I had the honor of
    meeting with the families of the fallen as well.
        The concerns expressed are being addressed, and that is we expect
    our troops to have the best possible equipment. And if I were a soldier
    overseas wanting to defend my country, I'd want to ask the Secretary of
    Defense the same question, and that is,
    ``Are we getting the best we can get us?'' And they deserve the best.
    And I have told many families I met with, ``We're doing everything we
    possibly can to protect your loved ones in a mission which is vital and
    important.'' And that mission is to spread freedom and peace. And I want
    to thank all the troops who will be spending their Christmas season
    overseas, away from their families, for their sacrifice, and I want to
    thank the families once again for the sacrifices they have made as well.
        Steve [Steve Holland, Reuters].

    Social Security Reform

        Q. The transition to personal accounts may cost $2 trillion. Can the
    country afford to borrow that much?
        The President. I think what's really important in the discussions is
    to understand the size of the problem. And that is we are faced with a
    present value of unfunded liabilities of about $11 trillion. What's
    important, Steve, is, before we begin any discussion, is to understand
    the scope of the problem. And that's why these trustees are vital in
    helping educate the American people and Congress as to the size of the
    problem. And I will not prejudge any solution. I think it's very
    important for the first step to be a common understanding of the size of
    the problem and then for Members of both parties, in both bodies, to
    come together, to come and listen to the options available.
        We have got a member of what was called the Moynihan Commission with
    us. They studied this problem in detail. They made some suggestions
    about how to move forward in solving the problem. Much of my thinking
    has been colored by the work of the late Senator Moynihan and the other
    members of the Commission who took a lot of time to take a look at this
    problem and who came up with some creative suggestions.
        And so I look forward to working with Congress to address this issue
    in a straightforward manner.
        Thank you all.

    Payroll Taxes

        Q. Are you against any withholding tax increase to pay for the
    transition, sir? Are you against----
        The President. We will not raise payroll taxes to solve this
    problem.

    Note: The President spoke at 10:28 a.m. in the Oval Office at the White
    House. In his remarks, he referred to the President's Commission to
    Strengthen Social Security.

    [[Page 3065]]